How your company can benefit from offering remote or hybrid options

It’s no secret that COVID-19 has changed the way many of us go about our daily lives. It has caused a shift in perspective, in priorities, in the way we earn a living. It has morphed a working world that, pre-pandemic, was primarily office-based, into one with a largely remote workforce. While some employers view this as a temporary fix, others are looking for ways to modernize the way they work by continuing remote work and maintaining their employees’ newfound work-life balance.

Particularly for the insurance industry, continuing to allow employees to work from home could reap tremendous results in terms of employee recruitment and retention. According to a study by Vertafore, “an overwhelming 63% [of respondents aged 24-39] indicated that they would leave the insurance industry for a better work-life balance.” If employers refuse to change with the times, they run the risk of alienating their current employees as well as missing opportunities to hire the most qualified candidates. If the perfect candidate lives across the country and a company is unwilling to allow remote working, that prospective employee is likely to find another company that will. Employers need to stay competitive in today’s market, and hiring talent regardless of geography as well as allowing employees more flexible working conditions are simple ways to do that.

According to Kristin Nease, vice president of Human Resources at Vertafore, “the insurance industry will have to get creative when it comes to filling the huge people shortage we are facing now and in the coming years as the older generation retires. We need innovative solutions, and we need to align with what is important to a younger and more diverse group of people.” Just over half of the respondents in Vertafore’s survey said they want to work remotely at least half the time, and with the right tools, a dispersed workforce can become even more productive than one that is forced to go into the office every day. A participant in the Wells Media Group’s Property/Casualty Insurance Industry Coronavirus Survey not only praised remote work for giving them more time—since they no longer had to commute to work—but also commented on their increased levels of productivity because the office can often be full of distractions. “The office can be nice to see coworkers,” they said, “but honestly it also provides a platform for a lot of distractions. I don’t have those distractions anymore so I am able to focus and work very efficiently.”

While some employers may have concerns about a cohesive culture or lack of discipline within a fully remote workforce, there are plenty of remote work tools available to keep employees connected and engaged. Considering either fully remote or hybrid options could be beneficial for all parties involved. In an article on Why Insurers Should Embrace Remote Work, McKinsey and Company stated that “a hybrid option allows companies to rethink their real estate footprint while helping the industry shed stuffy perceptions that some industry professionals, particularly millennials, have characterized as a detractor for wooing new talent.”

In addition, FlexJobs conducted a survey of over 4,000 professionals working remotely during the pandemic, and 65% of respondents wanted to transition to full-time remote work after the pandemic. 31% stated they would prefer a hybrid option, with some days at home and others in the office. Sara Sutton, CEO and founder of FlexJobs and Remote.co, stated, “Allowing employees to work flexibly can significantly reduce the conflict that we all experience between our personal and professional lives and better equip everyone, regardless of their career level, to take better care of their mental, emotional, and physical needs.”

Now is the time to listen to what employees are saying and really hear them. Create more flexible working conditions and not only will you retain your current employees and improve their overall work-life balance, but you will also be able to attract new talent and fill the required positions with people who are truly qualified to do the job.

Planning Your Future in the Insurance Industry

Where do you see yourself in five years? How do you plan to achieve your goals? Simple questions don’t always have simple answers. If we’ve learned nothing else in the last year, it’s that life doesn’t always go the way we expect it to. But, that doesn’t mean you shouldn’t have a plan. If you want to succeed in the insurance industry, it’s vital to consider how you want your career to progress and to take the time to make that progression happen. It’s important to give jobs a fair chance. Employers invest a great deal in new employees, especially in the first year, and leaving a job after only a year is harmful, not only to your own career growth but also to the employers that have invested time and resources in your training for the job. Your second year on the job is your chance to prove yourself. To show your worth as an employee and apply what you learned in your first year at the company. But, the third year is key. It’s your time to shine. Your time is a valuable asset to the company and the employers who invested in you. There is a delicate balance here, however. Staying in a position for too long can start to hinder your career growth, signaling to employers that you’re content where you are and that you’re not challenging yourself. Three years shows dedication and makes you look like a valuable employee; five+ years in the same role can seem as though you’ve plateaued. Keep in mind that this general rule does not apply if your career path is growing within the same company. If you start as a claims adjuster, get promoted to a senior claims adjuster, and then become a claims specialist, this shows good growth and lets employers know that you’re willing to step out of your comfort zone and take on new responsibilities. Another key element to consider is the fine line between becoming a specialist in a particular area or a jack of all trades, master of none. Bigger companies will often assign their employees to a specific field within insurance, which can be particularly advantageous for the employees’ career development. Becoming a subject matter expert in a highly complex specialty such as cyber insurance or construction defect insurance can increase your value as an employee, which brings with it both more money and more recognition. A popular career choice for the insurance industry is risk management, despite the fact that openings for risk management positions tend to be few and far between. If risk management is something you’re considering and you are presented with an opportunity to get yourself on the risk analysis track, take it. If down the line, you decide it’s not right for you, you can always start fresh in another specialty. Another thing to consider is that bigger companies do not always mean better. Smaller regional carriers may not have the resources to facilitate becoming a specialist in a certain area, but they can provide employees with a more well-rounded experience that is equally beneficial to their career growth. Whichever route you decide to take, keep in mind the delicate balance and true dedication required to achieve your career goals and grow within the insurance industry.

Interested in accelerating your Insurance industry career? Contact us today and one of our Associates will gladly assist you info@insure-national.com